Bitcoin set a new all-time high, overcoming technical and psychological levels. $60K has long been a very desirable price level for most crypto market participants. The new historical high was at $61.5K, after which Bitcoin began to correct, rolling back at some point below $55K, where it is still getting support from buyers.

The benchmark cryptocurrency will have to go through a consolidation process and possibly a few more local corrections. Sellers' pressure at levels above $60K promises to be quite strong, although so far, there is little reason to doubt further purchases due to increased interest in the sector from companies and funds.

The move to new all-time highs over the weekend was probably speculative on the part of retail investors. Last week ended near the highs, so new buyers had little trouble pushing BTC up. However, the new working week started with a more than 10% correction.

How long will the buyers stay in the market? The support program means Americans will once again get money from the government into their accounts. Another $1400 check is one more reason to speculate that U.S. residents will have some free money to invest in stocks and cryptocurrencies.

Thus, we can assume that the rally is not close to the end and will still show a number of historical highs. The next important point of resistance could be $70K, but we should also expect that the markets will face crucial tests in the coming weeks.

Greed has its limits too, and very often, it intensifies before a wide sell-off. The crypto market in general and Bitcoin, in particular, show a very strong correlation to the high-tech sector. During the last 12 months, it was this sector that showed the main growth, but it cannot last forever. Sooner or later, investors will start to pay attention to other stocks, not only tech, and the strategy will become more long-term and less speculative.

As the global economy recovers from the lockdown, other industries may take priority. This point may be the beginning of a trend reversal in cryptocurrencies.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin consolidates ahead of MicroStrategy Q1 earnings, strategic Bitcoin reserve deadline

Bitcoin consolidates ahead of MicroStrategy Q1 earnings, strategic Bitcoin reserve deadline

Bitcoin price is extending its consolidation streak, trading around $95,000 on Wednesday, as traders await a decisive breakout. MicroStrategy’s Q1 earnings release and the approaching deadline for the Strategic Bitcoin Reserve have the potential to move BTC price.

Chainlink price offers mixed signals as supply outside of exchanges soars but network activity declines

Chainlink price offers mixed signals as supply outside of exchanges soars but network activity declines

Chainlink's supply outside exchanges has surged to 803.38 million from 778.87 million in under two months. LINK network activity declines, with new and active addresses falling from a recent peak.

Ripple Price Prediction: XRP price uptrend toward $3 looks steady

Ripple Price Prediction: XRP price uptrend toward $3 looks steady

Ripple (XRP) price hovers at $2.24 at the time of writing on Wednesday as bulls try to prevent the pullback from its April peak of $2.36 from extending further. If XRP holds above the immediate support at $2.21, a reversal could soon ensue.

THORChain announces integration of XRP stagenet ahead of the mainnet network launch

THORChain announces integration of XRP stagenet ahead of the mainnet network launch

THORChain announced on Tuesday that its stagenet development of its Ripple (XRP) integration is nearing the final step, with mainnet activation imminent. This integration enhances THORChain’s economic model by increasing swap activity and protocol fees. 

Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge 

Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge 

Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday. 

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP